OPEC unlikely to agree official output increase in Algeria, but pressure mounts

OPEC and its allies are unlikely to agree an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new U.S. sanctions on Iran, OPEC sources said. OPEC kingpin Saudi Arabia is worried that any sanctions-related spike in oil prices will trigger fresh criticism from U.S. President Donald Trump but is concerned about a lack of spare oil capacity to offset shortages, the sources said. The kingdom is caught between a rock and a hard place, seeking to prevent prices from rising far above $80 a barrel ahead of U.S. congressional elections while fending off doubts over its ability to compensate for a drop in Iranian supply. “It’s […]